CORRECT: Augusta buys Christchurch industrial park $9.4 million

Augusta Capital, the listed property investor and fund manager, bought a Christchurch industrial park for $9.4 million with plans to onsell the site via syndication.

The Auckland-based investor bought the Birmingham Drive site through its subsidiary Augusta Funds Management and will syndicate the property, with $6 million to be paid with investor equity underwritten by Augusta Capital, while the remaining third will be funded by an undisclosed private investor, it said in a statement. The property will be leased by media company PMP (NZ) for ten years from settlement on June 19.

The Christchurch syndication offer comes after it bought the Southgate Centre retail site in Auckland's Takanini for $58.5 million in December, which it also plans to put on the market for syndication. The Auckland offer will need $34.3 million of investor equity to be raised in $50,000 units, of which Augusta will underwrite $23 million, Augusta said at the time.

The Christchurch offer is expected to open in early May.

Shares of the company were unchanged at $1.03, and have gained 6.2 percent since the start of the year. The stock is rated an average of 'hold' based on the opinion of one analyst surveyed by Reuters, with a median price target of $1.10.